thursday is the day hope benedict xvi officially steps down. on friday, 85 billion dollars in automatic federal budget cuts start taking effect barring any last-minute congressional action. and saturday marks the beginning of an international science conference that may officially confirm last year's discovery of the higgs-bosin an elusive particle that gives something its mass. before any of that, however, comes tonight's oscars. contributor nancy giles can hardly wait >> reporter: we all know the oscars are a big deal. but isn't that walk down the red carpet the best part of that "way too long" evening? it's all there. drama. comedy. sci-fi. sometimes unintentional special effects. they call it a walk but it's more like a traffic jam of paparazzi and interviewers crammed on the side lines all struggling to find out who is wearing what designer and to see if anyone's really telling the truth when they say it's an honor just to be nominated. there's a kind of choreography to this red carpet dance. note the step and pose and this transition, han